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Debt Responsibility
Questions relating to the responsibilities for debts left by an individual that has died.
1,506 Questions
Does the Executrix need to provide receipts with the first and final accounting of a probate estate?
Good records are an important to all executors. A full accounting should be available if the court should request it.
The will must be adhered to and if not, you can probably create a suit that removes him as the executor of the will and instates someone else (probably a court-appointed lawyer). Any property specifically left to you is yours; nobody can change that by any legal means.
However, if there is no will or if he is deciding how and when to use items or property not included in the will, that is his job as executor;you might make a case that he is not fairly doing so, but otherwise tough luck.
Can an incidental beneficiary sue directly to enforce a promisor's promise?
Simply, No.
Here is my reference.
http://books.google.com/books?id=P0MWAAAAYAAJ&pg=PA193&lpg=PA193&dq=can+incidental+beneficiay+sue&source=bl&ots=rgGCZsfz3F&sig=JjMZtYRwVVc_vGP-tRKnmbFxmi0&hl=en&ei=siTASsb2N4PZ8AaeuoisAQ&sa=X&oi=book_result&ct=result&resnum=4#v=onepage&q=&f=false
Is a car considered part of the debt of an estate to be paid by the estate?
A car would be a part of the estate. If there is a loan on the vehicle, the estate has to determine what to do. They can sell it if it makes sense.
Is a joint owned house in an estate?
No. Real property owned by two (or more) people as joint tenants passes automatically to the surviving joint tenant upon the death of the other.
What are probate procedures for Arkansas?
Probate is a legal term for the court procedure of finalizing the affairs of a person who has died and left a will. Usually the executor named in the will begins the probate process by filing the original will with the court.
Your husband is in prison what do you do about his bills?
If you are legally married, normally, any obligations assumed by one spouse become the obligation of the other as well. The only exception would be financial obligaions he, HIMSELF, made prior to your marriage. You wouldn't expect to keep driving a car cost-free because he bought it, or live in a home mortgage or rent-free, because he signed the lease, or continue to watch a TV without paying for it because he purchased it. You should contact the creditors and advise them of the situation and ask how this can be worked out. If not, YOUR credit record could be ruined. "Life," and its obligations, doesn't stop just because he is no longer on the scene earning a paycheck.
The estate will be responsible for the burial costs, but the person making the arrangements may be held liable.
Who is responsible for expenses while a home is in probate?
The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.
The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.
The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.
The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.
Must a New Hampshire resident pay out of Massachusetts parking ticket?
It is a legal obligation. Not resolving it can result in loosing the privilege to drive in that state.
Will you have immediate access to the funds in an estate account?
The executor will have access to the funds, but only for paying the bills of the estate. Money cannot be distributed until the court approves the distribution plan.
Generally, that means they must work together unless the will grants the power to act independent of each other. In practice, two executors acting independently of each other is a bad very idea unless they get along and communicate extremely well. Some estate tasks could be delegated to each one of the co-executors but both should sign legal documents such as deeds. Acting independently would make it difficult to maintain records, to do an accounting and to keep abreast of the status of the probate process. However, laws vary from state to state. You should ask the attorney who is handling the estate.
What happens if your estate debt is greater than assets?
Then the estate is sold to cover the debt, and the "inheritors" are usually hit up for the rest.
Another View: If the assets of the estate are insufficient to satisfy the debts of the deceased... UNLESS any of the heirs actually signed documents obligating themselves for their payment, once the assets of the estate are exhausted they are under no legal compulsion to pay off the deceased's debts.
The estate will be held responsible. Given that the spouse was a card user, they can also be held responsible if the estate doesn't resolve the issue.
The parents' estates are responsible for their debts. The creditors should be notified of their deaths. If there are no estates then the creditors are out of luck.
What is the Legal age to inherit property in Virginia?
There is no age limitation. However, if the beneficiary is under the age of 18, the court will appoint a trustee. They will have to report to the court about the trust that is created.
One of the duties of the executor is to pay the debts of the decedent. If those charges have been billed to the decedent the executor should pay them. If there is not enough cash in the estate to pay the heirs should divide the cost and pay if they wish to keep the property.
One of the duties of the executor is to pay the debts of the decedent. If those charges have been billed to the decedent the executor should pay them. If there is not enough cash in the estate to pay the heirs should divide the cost and pay if they wish to keep the property.
One of the duties of the executor is to pay the debts of the decedent. If those charges have been billed to the decedent the executor should pay them. If there is not enough cash in the estate to pay the heirs should divide the cost and pay if they wish to keep the property.
One of the duties of the executor is to pay the debts of the decedent. If those charges have been billed to the decedent the executor should pay them. If there is not enough cash in the estate to pay the heirs should divide the cost and pay if they wish to keep the property.
Can a bank forclouse on a house with a irrevocable living trust?
The bank does not care who holds the mortgage. If the loan is not being paid, it can be foreclosed on.
When you die do your children have to pay your credit card off?
The estate is responsible for the debts. Anyone on the credit card would also be liable for the debt.
Yes, you can go to a lawyer and have him "contest the Will" for you. The reason for this is, if you don't trust your relative who is Executrix (women) Executor (man), just this action alone will make that relative "stand up and fly right" because they could get into trouble. What is due you, you should get! Also if their are other Heirs besides yourself you can contact them and if you out number the Executrix they have to go! An Executrix or Executor can actually refuse to take on this responsibility.
An Heir in any Will has a right to a copy of the Will (which may cost a few dollars to get) if the relative refuses to provide it. An Heir has every right to get a copy of the Will and I suggest you do that. An Executrix is not an easy job and are legally bound to provide an account of all monies in bank accounts, properties, contents, etc., to Probate (and it had better be right.) Probate is when all out-standing taxes and debts have been paid off. If there is a business they it's more complicated because if that business is making a profit it could well be that all profits are divided equally between all Heirs of the Estate. When all accounts have been checked into and that any properties, mortages have been paid off in full. If not, then it will come out of any monies left by the deceased. An Executrix has to account for every cent.
I Probated a Will for my mother-in-law and it wasn't that hard and I hired a CGA to help me. I provided tax receipts, etc., and kept books.
Another Perspective
Once an executor has been appointed it is too late to contest the Will. The question does not hint at any material defect in the Will. Removal of an executor is up to the discretion of the court. Any person who has an interest in the estate can petition for the removal of the executor for a just cause. The court will consider the petition for removal under the provisions of state law and will review the particular facts of the case.
Removal of the executor is not done lightly. There must be a reason serious enough to compel the court to act. The testator may have chosen the executor because of her special skills and integrity. The disowned sister may be the family troublemaker. That situation alone would not generate a conflict of interest.
Generally there needs to be some misconduct, breach of duty or conflict of interest by the executor. In the case of family strife, the court may consider whether it is no longer possible for the executor to her duties in an impartial and objective manner. The court may find that mistrust and hostility has developed to such a degree that the beneficiary can no longer accept the executor's actions and decisions. Or, it may conclude that the executor is performing her duties as expected under the law and in the spirit of the will.
In any case, the removal of the executor rests solely within the discretion of the court.
Some of the Estate has been divided while in probate Is this legal?
If the fiduciary has been appointed and the period when creditors may file a claim has passed the fiduciary may begin to make distribution, especially of personal property that was specifically devised, as long as there are enough funds reserved to pay claims and costs of the estate.
Can executor borrow money from the estate if they are the sole beneficiary?
Yes. I don't think 'borrow' is the right word, however, as the sole beneficiary will be entitled to the entire estate. An 'advance' would more likely be the correct term.
Can a homestead allowance override a will?
In most cases, yes. The homestead allowance was to insure that the spouse had a place to live and was not destitute. Laws vary from place to place, so consult an attorney in your area.
Will you be responsible for your mothers outstanding dept if she died without any assets?
No. Unless you agreed in writing to be responsible for your mother's debts, her estate will be responsible. If there is no estate the creditors are out of luck.
